and with that -- oecd. and with that, i'm pleased to see that the house ways and means committee and then the house passed this bill and it's out of the finance committee and look forward to the senate moving it forward right after the thanksgiving break. i'll start in the front row and work back. >> perfect. >> yeah. [laughter] yeah, that's right. i'm just an economist. [laughter] >> kevin, i know you're an economist but, obviously, a political component to all of this. you've got at least six senators up on the hill including ron johnson saying they can't support the bill in its current form or they have serious concerns about it. you can only afford to lose two. are you confident that you can get this passed through the senate, or could the president run into another situation like he did with obamacare, that he wins the house and loses everything in the senate? >> there's an old joke about economists that there are three types, those who can count and those who can't. it takes a while for that one to si

economy is good for even our friends in the oecd. i am pleased to see the house ways and means committee and the house has passed the bill and look forward to the senate moving forward after the break. i am not good at this. i do not know the protocol. i will start in the front white and work back. [laughter] i am just an economist. [laughter] reporter: i know you are an economist, there is a political component to this with six senators on the hill, including ron johnson, saying they cannot support the bill in its current form. or they have serious concerns about it. you can only afford to lose two. are you confident you can get this passed in the senate or could the president run into another situation like obamacare that he wins the house and loses the senate? mr. hassett: there is a joke about the economist, three types, those who can count and those who can't. it takes a while for that to sink in. the president has supported from the beginning regular order, because he doesn't think we have to wait until the thing becomes law to

the oecd says foreign workers would help boost the french economy. if all of them point labor immigration as favorable in terms of taxes growth and regional development different forwarded to the twelve. the oecd has rated france eight other developed economies in terms of attracting skilled foreign workers behind the u. s. canada and the united arab emirates. in addition to complex immigration procedures the oecd also said francis high cost of living and it's relatively low salaries were discouraging workers from migrating their. skilled but is that's what we need has made some sterling you can thank you very much indeed you can avoid that with the business was taking a short break here on france24 to stay with us much most of the. com 11/22/17 11/22/17 [captioning made possible by democracy now!] amy: from pacifica, this is democracy nonow! demandsis a moment that a frank and honest assessment about where we stand in the safety of women. might" norahs o'donnell responding about sexual misconduct allegations against former colleague charlie rose, as

the average oecd tax rates dropped over time but the u.s. rate stays right where it is. the u.s. advantage that made it the place to invest in 1986 have slowly faded away. other countries have used their tax rates to become more competitive. and the companies there have responded. business investments is unfortunately now low. indeed, chairman hasset warned that there is a crisis in our country because of the lack of what's called capital deepening, which is just an economist term for the increase of capital stock. things like equipment, structures, intellectual property, worker productivity. worker productivity in turn is what drives up wages. that is what makes wages increase. the more productive a worker is the more the employer is willing to pay that worker to keep him or her in that job rising wages. if we can go to another chart, you can see the oecd chart where they lowered taxes, we'll go to another chart and you can see the effects of that here. prior to 1909 when profits were going up by 1%, workers' wages went up by more than 1%. but since that time, since 1990's over

putting a figure on that, the oecd puts a range of between 100 and $2110 billion a year.substantial money. it is an issue for any government that wants to tax businesses, but the oecd makes the point it is particularly troublesome for developing countries because they are more dependent on corporate taxes, rather harder for them to raise things like income tax. what do we do? none of it is illegal, as far as we know. what is wrong? what can you do? you cannot tell a country, you have to run your taxes this way. exactly. there is work going on in the oecd, bringing together many governments around the world, looking at things like transparency, exchange of information between jurisdictions so that they know what their people are getting up to overseas. also, there is an initiative designed to deal with some of the loopholes. things like mismatches in the way tax arrangements are devised between different countries so things can fall through the cracks. issues of tra nsfer fall through the cracks. issues of transfer pricing when different bits ofa transfer pricing when diff

economy is good even for our friends in the oecd. i'm pleased to see that the house ways and means committee and the house passed the bill and it's out of the finance committee and look forward to the senate moving forward right after the thanksgiving break. i promise, i'm not good at this. don't know the protocol but i'll start in the front row and then work back. >> perfect. >> that's right. i'm just an economist. >> kevin, you're an economist, obviously political component to all this. have at least six senators on the hill including ron johnson saying they can't support the bill in its current form or have serious concerns about it. you can only afford to lose two. are you confident you can get this passed through the sflenat or could the president run into a situation like with obamacare? wins the house and loses in the senate. >> old joke, those had can count and those who can't. takes a while for that to sink in. the fact is that the president supported from the beginning regular order, because he doesn't think we have to wait

this is co—ordinated by the oecd and he tries to address issues like the misalignment of tax policiesow profits to slip through the holes so they are not taxed anywhere. and to try to ensure that where profits are declared there is a relationship to where the activity ta kes a relationship to where the activity takes place. what it won't tackle is diverges in corporate tax rates. it is zero in some places and even in the main countries there is a wide range of 12% in ireland, if they pay the tax, and 35% in the us with state taxes on top of that. thank you very much indeed. talking about the us : the us president has arrived in south korea as he continues his tour of asia. yesterday, he was injapan where he held a joint press conference with prime minister shinzo abe. although the situation in north korea remains top of the agenda, president trump was quick to criticise the state of trade ties between the us and japan. rico hizonjoins us from our asia business bureau in singapore. he is no role, mr trump, what you expect in seoul? trade, trade, trade, of course, apart from north korea

economy is good even for our friends in the oecd. with that, i'm pleased to see the house ways and means committee, and the house passed this bill and out of the finance committee and look forward to the senate moving forward right after the thanksgiving break. and i guess i'm not good at this i don't know what the protocol is but i'll start in the front row. >> perfect. >> yeah, that's right. i'm just an economist. >> kevin, i know there is political component. six senators on the hill including ron johnston saying they can't support the bill in this form. we can only afford to lose 2. are you confident you can get this passed through the senate? or could the president go like the obamacare and loses? >> there is a joke, those who can count and those who can't. and it takes a while for that one to sink in. the fact is the president has supported from the beginning regular order. because he doesn't think that we have to wait until the thing becomes law to learn what's in it. that the right thing to do is expose the bills to scrutiny

i know the score says what it says and i respect the professionals, but the fact is the oecd that has a study that says that the u.s. and the corporate tax base is on the wrong side of the curve. we have such a high corporate tax rate that we're losing revenue. the idea that this blow as hole in the deficit is incorrect. >> i want to pick up where john left off. you're an economist. the answers that you gave were political. hopefully politicians solve it. you're an economist. can you not make an argument why it's good for people? >> it good for it to expire? >> why it's good for the country as it stands right now to expire within eight years. >> if you lower marginal tax rates, lower rates, get the middle class a tax cut. if you cut the corporate rate, if you do any of those things they're positive for tax growth. if you have expanse, you look at u.s. history in recessions, they'll put in expensing to stimulate the economy. when expensing expires, it's short term. for the most part, permanent tax cut are far more impactful. if you look at the obama administration when they were here d

growth should accelerate next year according to the oecd.e upturn becoming increasingly synchronised across countries. the world economy is growing at its fastest rate since 2010. however, economists warned that conditions we re economists warned that conditions were a sustainable expansion are not yet in place. in the shadow of the latest missile launch by north korea, china has decided to loosen its ban on allowing two groups arrange trips to south korea. authorities in beijing had prohibited such trouble earlier this year as tensions over the installation of military hardware world to the surface. i'm joined now by my colleague and business reporter matthew morrison. why is china making this decision now? the timing of this is interesting, but not too surprising. by that i mean our industry sources started talking about this hours before the latest missile was launched but it is not surprising because of late october both china and north korea had signalled a warning of thais. they had been put —— deadlocked previously. —— china and south

. >>> still coming up, we speak to the secretary of the oecd, angel gurria >>> coming up after the break, we'll be live from dublin. the irish capital focusing on the financial sector and seeing what impact the uncertainty here and across europe could have on this country's banks st. jude children's research hospital is beating childhood cancer. i have cancer. and you also have st. jude. discoveries at st. jude have helped to increase the overall childhood cancer survival rate from 20%...to 80%. and we freely share our research everywhere. you want one? si, thank you for freely sharing... and thank you for giving. donate now at stjude.org or shop where you see the st. jude logo. my friend susie cracks and hello sensitive bladder. ring a bell? then you have to try always discreet. i didn't think protection this thin could work. but the super absorbent core turns liquid to gel. for incredible protection... ...that's surprisingly thin. so it's out of sight... ...and out of mind. always discreet. for bladder leaks. also in liners. looking from a fresh perspective can make all the difference.

our response back to that has been that we will make all of the changes that are required of the oecdrocess and, indeed, we will be enthusiastic participants of the process by the oecd ireland will continue to do that and that's why, for example, we eliminate companies from our taxes. that's why we made changes in relation to so called double irish. while dealing with all of the issues of global concern at the moment. >> brexit, they say that ireland was in a strong but precarious situation when it came to brexit how can be be strong and precarious >> we can be strong because of the support that we have across the european union for the issues that are unique to irela ireland. we're very broad in e.u. support in those issues but at the same time we've acknowledged that this is intensely difficult and the reason for that of course is if the resolution of these could be the heart of what the future relationship is like between the u.k. and the e.u we know that pressure will build for resolution on many other matters so, yes, we have solidarity behind ireland at the moment in terms of is

bringing in our corporate rate down to a level more competitive with the oecd is good for corporate,ormation here in america. do we need to cut taxes as much as we are? probably not do we need to reform taxes, simplify taxes, and keep america competitive? absolutely >> so are you saying corporations don't really need the 20% rate that they are talking about today? >> if we look at the oecd means, which are in the mid 20s, i don't understand why we're not closer to that number. i would have thought we would have landed somewhere around 25% for our corporate rate, not 20, but probably not worth splitting hairs over >> i want to talk to you about bitcoin, because over the weekend it surpassed $9,000. this is something that a lot of people in the modern day haven't seen anything like that before you know, what's your take on bitcoin? is it a fraud as jamie dimon says, or is it the future of currency as we know it >> it's not the future of currency and i wouldn't call it a fraud either and i think what is happening is people confuse bitcoin with block chain. block chain is a very interest

you highlighted the key risk and challenge the oecd -- opec has.rice sensitivity of the sector. to -- into the meeting, [indiscernible] there remains the challenge, how does opec manage when there is so much price sensitivity to come from the shell sector? price at the oil top, do you think, simon? we heard from a number of people that the extension is expected from opec and priced at 100%. are we at the top with oil here? see trading at a range of 60 to 65. we see some weakness, the six-month forecast is 60 for brent so moderate weakness with upside cap to buy shell supply coming online and we still have above 10 yearcd levels. structural issues are weighing on oil. anna: thank you. joining us with the latest on the news flow. simon smiles stays with us. they are notts -- getting exposure to shield because they are moving away from fossil fuel assets, what are they doing when they are looking for sustainable investment? simon: there is no irrational exuberance along -- among the client base. they're looking to deploy more into european assets. nit

korea has the lowest female participation in the work force of any oecd country. they are literally leaving many, many, you know, gdp growth points on the table by not making it possible. now, japan also has this issue, but prime minister abe as made it a top priority. he is creating a professionalized child care work force, he is pushing so that women are on the boards of major companies. he made it part of his policy to bring women in the workforce. it's a wise thing to do. it will be culturally difficult but korea has to focus on doing that and other east asian countries as well. we believe the countries that will do best are the countries that understand the importance of women in every aspect of life. >> then there is the role of leadership in organizations such as yours, and one of the leaders sitting to my left here. the questioner says, because there has been so much change in the world and possibly that's been reflected in change at the world bank, do you think the next president of the world bank should be a non-american woman, perhaps from asia or elsew

in 2013, the oecd compiled how much people actually have to spend — in france it's this — $29,759, comparedn — $26,687. a $3,000 difference. that is quite a difference. 0ur economics editor, kamal ahmed is here. let's start with that, we have a problem in terms of our nearest and dearest problem in terms of our nearest and d ea rest eve n problem in terms of our nearest and dearest even if we leave them soon, one budget won't resolve that, this philip hammond going to do something for it? you're right, some of this is down to what businesses investing rather than what governments do. i think governments can set the tone for how the economy feels and certainly many economists say that if you borrow to invest you can increase productivity so investing in digital infrastructure, in housing, in transport links, those other kind of things that boost productivity an economy. we've heard some of those words in the last few days, like the digital economy, that is pushing some money in the direction that would help in terms of productivity. i think from some economists the feeling is that he isn't d

here is our briefing on some of the key events happening later: the oecd will present its latest economicrganisation predicted the global economy would grow by 3.5% this year, its best performance since 2011. in scotland, survivors of institutional child abuse are due to start giving evidence at an inquiry. this part of the inquiry will focus on smyllum park, in lanark, linked recently to claims of the burial of hundreds of children in a mass grave. keep an eye out for the announcement of the nominees for the 60th grammy awards. ed sheeran and kendrick lamar are among the artists expected to do well at the annual music event, which takes place injanuary. now to kenya, and president uhuru kenyatta's inauguration starts in a little under two hours in nairobi. mr kenyatta won a repeat election held in october with 98% of the vote, after the opposition boycotted the poll, which was marred by protests and a low voter turnout. security is extremely tight in nairobi today. the opposition leader has called for a protest rally today, despite a police ban on such a protest. of course, we will be ac

oecd, they at the will tell you trade needs to go at double the pace. let's get some perspective from mark. up feet. food is there is a sense we are working a new paradigm. with the u.s. pulling back from the global agreements, tending to deal in a bilateral way. at the rest of the world is getting on with it. speeches, tppe continuing, other nations realize it is a new environment. nonetheless, they will need to work through it. working in a new way. be subainly is going to optimal without the biggest economy being an active participant. but that does not mean trade stalls. it is not just about manufactured goods. it is about multilateral agreements. intellectual property rights across borders. that is where this region is going to focus on getting the productivity, the economy that is required. particularly those economies emerging. haslinda: high expectations when it comes to trump's speech. how closely is the market watching? mark: i don't want to say it is a nonevent. haslinda: you can say that. mark: enthusiastic with the visit. a issue of damage

in september they fell to just under 3bn barrels in the oecd group of advanced economies. 0ur correspondent bell is at 0pec headquarters in vienna nice to see you, bethany. so we are hearing from some in the media that they have agreed a deal before this meeting kicks off. what are you hearing? we are waiting to see. at the moment, i don't know if you can see behind me ministers are arriving here for the beginning of this meeting. the big question of course is whether to extend and how long to extend for. the indications are, at the moment, that the suggestion seems to be that they'll decide to extend the cuts to the end of 2018. but we also have been hearing rumours that perhaps that would be a decision that might be reviewed midyear because, as jamie said, russia can deal with a lower price of oil than say countries like saudi arabia and it's questioned the wisdom perhaps of maintaining cuts which could open the door for other non—opec, non—alliance groups, notably us shale oil producers to seize the moment and spike their production. and bethany, there's also the question of whether opec

meets the top expectations from organisations like the 0ecd expectations from organisations like the oecdike the uk.” that to a higher standard than countries like the uk. i suppose the one good thing is that offers us an opportunity to focus the mind and have a discussion about what more we could do to make sure jersey plays its part in this and the government here has been clear, they don't want any business like this occurring in the island, we are whiter than fight and we only want clean business here and we only want clean business here and what this presents us is an opportunity to show the rest of the world we a re opportunity to show the rest of the world we are an ally on this and we wa nt world we are an ally on this and we want to abide either high standards. thank you. but debate still continuing i suspect as more revelations come out of those paradise papers in the coming days. robert, thank you. you can see more information about the papers and follow the latest developments on the bbc news website, lots of information there. the time is1:20pm, the time is 1:20pm, the top st

britain is the most obese country in western europe, according to the oecd.sing faster than in any developed nation. health organisations say the findings are sobering. a links which has escaped from a small zoo near aberystwyth has been killed. the animal disappeared near the end of last month, prompting a huge search. the zoo said the despite a huge effort to recapture her, she had become a danger to the public. the eurasian lynx, named lilith, is thought to have leapt over an electric fence at borth wild animal kingdom. zoo staff began a hunt for her along with police and officials from ceredigion council. there were a number of sightings, and at one point it was thought she was hiding in bushes near the zoo, but she evaded capture. last night the council released a statement, saying the lynx had strayed into a populated area and it had been necessary to act decisively. it added the animal had been destroyed humanely and the safety of the public was paramount. the zoo has been closed since the animal's escape. the local council said that despite "exhaustiv

we spend basically twice with the oecd average is the oecd are other economically advanced countries.we've been looking look at thir over a decade saying why are we spending so much, and other countries that are similar are spending so much less, and their health is better than ours. .. >> to the u.s. it's way out the end the big spender and everybody else is down the other side. when they added social benefit spending the u.s. were in the middle of the pack. we were no longer the big spender. when you add social and health, we are no longer the big spender. and in the new york times, eventually a book, what they pointed out we had the accent 0 on the wrong syllable. and we're getting worst health results and they're spending two times on social benefits have better outcomes. that's the right ratio, spend more on social services and social benefits than on health care if you want to improve health. so, this is the american health care paradox. and the role of technology in this, a, that they could do this analysis and kind of show it, so easily now. it's relatively well-known. the rol

it's somewhere near what they pay in the oecd. >> let me say this, maria.appy to meet you half way on "the apprentice" program. amy klobuchar, hydy, mark warner, all democrats have supported lowering the corporate tax rate because we all understand on the left and the right that corporate tax rate punishes success, punishes workers. we want to reward success. at the end of the day if we do that, we will have a better economy with higher wages, with more folks working. >> the other point i wanted to make the effective tax rate is not 35%. >> that is also true throughout the world and our competitors. when you look at our position versus our competitors, when the u.k. is heading towards 17% or 18%, when the oecd average is 22% the reality is at 35%, even when you lower it down to our effective rate, when those countries do the same thing, we find ourselves at a small disadvantage. >> we have to leave it there. we have an audience member waiting patiently. the republican bill adds an estimated $1.4 trillion to the national debt over the next decade. steven pri

the oecd's warning on debt. it poses an increasing threat to growth. korea, canada and the u.k.d in private borrowing and the organization it -- says it does not imply problems, but does increase vulnerability to shock. they said there are issues that could trigger a downturn. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am haslinda amin. this is bloomberg. ♪ seeing how the asian markets are shaping up this morning. let's get the latest with sophie kamaruddin. sophie: a challenging friday for asian investors. pull up the board to show you what is down in tokyo. japanese docs dropping, the nikkei 225 on a second weekly slide. x is falling, it could resume gains after losing 2% last week. jasdaq index for a gain of almost the are .3%. the dollar takes up ever so slightly against g10 peers. mitsubishi materials sliding in 2015, the most since may after they falsify data on parts delivered to 250 customers. the company is to hold a briefing today. buy axalta. to the kospi resuming gains, while the won fell under pressur

the highest corporate tax rate of the 39 oecd countries except e, i think eritrea has a higher rate. in 1986 when the last tax bill was done, that's a long time ago, 36 years, we were the third lowest corporate tax rate in the world at that point. now we're the highest. that puts u.s. businesses, large and small, at a tremendous disadvantage with other countries. here's how. if you look at the beer industry in st. louis, it's primarily owned by the belgians and brazilians. why? they were able to come in and use the tax differentials between their effective tax rate and our affective -- our effective tax rate here to pay for u.s. companies. today, i mentioned this earlier, of all the transactions in the world in terms of mergers and acquisitions, 2/3 of them are foreign countries buying u.s. companies, we've got to change that those two things will benefit the american worker better than anything else i can do the individual tax cut is something the president says is important. i think it is. it won't drive the economy like the first two things will. here's why it's important. we need

we are behind the oecd average. even with the announcement today.iness to go out there and increase confidence. business wanted a steady as she goes budget, did they get that? by and large, he did not score any own goals and did not go backwards in that sense but it did not move enough forward in terms of how we tackle challenges of the 215t of how we tackle challenges of the 21st century, productivity, skills gap, training. not enough detail on that. in housing, £44 billion was mentioned but we would be interested to see what that equates to. steady as she goes was not good enough for this budget and the millions we represent, for working people and families and communities who see pay packets stagnating again. we have had a squeeze on living standards the past few years this was not an ambitious budget and did not deliver for working people. when we look future figures, every department, every minister will be wanting more money for their department and eve ryo ne money for their department and everyone would like to see different sectors of the c

singapore will start sharing information on bank accounts under anour nationals oecd program.ior minister of finance says there has been no meaningful exodus of funds. >> where do people need their money back out why do they put their money in a particular place? it's because they want to ensure they get the best returns on their money. those are the kinds of moneys we want to attract. if there's an outflow for the wrong reasons, it's up to those companies. you should be here because you want legitimate business activity. obviously, we will clamp down. >> global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i'm jessica summers. this is bloomberg. yvonne: we are counting down to the market open in tokyo. let's get the latest with sophie. janet watching what yellen says at nyu, but once u.s., fresh highs for stocks, enough to convince bears like a goldman sachs to turn bullish on the s&p. at what point is this going to tip the bears? sophie: rational exuberance is calledmeone at goldman it. other strategists say they are keepi

around the world that we have a picture really synchronize pickup in growth in a long time and the oecdaid it expects global growth to be the best since 2010. at the same time you've had really easy monetary policy, even if the fed is being slowly, gradually normalizing. look at where the yield on 10 year treasuries are. there isn't much of an alternative for stocks right now. there's a lot of volatility in asia. why? >> there has. china has been lacking behind global games and a lot of that has to do with the sense the government there is cracking down a little bit on what it sees as pockets of excessive leverage try to crack down on shadow banking as well as investors taking profits in south korea and japan and absolutely climbing massively this year. a bit of a wobble they are the last week or so. lauren: riva gold, thank you for your perspective. >> thank you for having me. maria: we send it over to maria bartiromo. maria: thank you cheryl, see you in a few minutes. i am maria bartiromo. top stories right now. stick them on the east coast. they feature the fed jerome powell. later t

the oecd is warning saying household borrowing in advanced in developing countries poses an increasingnada, and the u.k. lead the world in private borrowing. while in dead this not necessarily imply problems, it does increase font ability to shock and as that debt and credit quality are among issues that could trigger a downturn. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. haidi: thanks for that. watching chinese markets as we close out this trading wake -- week. we are seeing losses deepening, but we are watching for that accelerated selloff in the afternoon session like yesterday. 3% the klein raising the ghosts of that 2015 selloff. sengad: the hang marginally up. we are teetering at the moment. generally fears that what happened on thursday may well find a repeat story friday. we have the afternoon session to look at all that. it is against the backdrop fundamentally of a chinese economy which is doing pretty some of the biggest economies in this part of the world are facing some important decisions ov

i have heard that and it is much discussed, but remember that the oecd average is 22% for corporate taxes are at 40%. so that in combination with the taxes, it will allow a lot of cash to come back my about $3 trillion -- cached to come back, about $3 trillion. and included in the senate and house plans, to have immediate deductions on factory and cap x spending today, it gives incentive to invest in it. so it will not just be equity buybacks, you will get cap x. if companies have more cash in in their pockets they will invest and they make -- will make additional hires. shery: the house will start voting between 12:55 p.m. and 1:10 p.m. eastern. this is a house vote. we still have the senate plan that has to come out. one of the provisions on the senate tax plan is the corporate tax cut will be delayed until 2019. how much of that is priced into the market? will we see another letdown if it is incorporated into the final bill? kathryn: it is already in there. we still have the market tick down on the s&p, we saw the market move on the delay. i think one year is not a big deal. the big is

we continue to believe, even if high prices slows down oecd demand growth, nonoecd, there's a lot of slack in india, middle east none of them did well this year. they should do very well next year >> always a pleasure speaking with you thank you very much for your time >> thank you >> we brought up a good point, the same point to neil atkinson from the iea when they came out with that report that did shock the markets i guess in a way he talked it down he said our forecasts, i don't know what opec's forecasts are based on, this is just a small cut in the demand forecast >> so the market overreacted a bit? >> maybe that's what he thought. clearly the market saw the disconnect between the opec forecast for deman ea's forecast. >> i think there has not been a lot of geopolitical premium built into the oil curve is something worth considering. >>> bouygues is trading at the top of the stoxx 600 after reporting a 37% rise in the nine-month operating profits strong performance in the telecom business helped to drive profits. forecasts for the telecom margins were also raised >>> shares in

what we're proposing is to move and get in sync with the rest of the world, all the other oecd nations have what's known as a territorial system as it relates to taxation on a global basis, and we want do a couple things. number one, specifically, i don't think the gentleman, his amendment addresses this specifically, but as part of this architecture, it's to have money repatriated at a reasonable rate, and moving forward, don't create more of a barrier. here's the bottom line. i am of the opinion that the gentleman's amendment will make worse situation that we're trying to remedy. that is it's going to make us less competitive on a global basis instead of more competitive. i understand that reasonable people can differ and that different world views of the economy are on display here. i would urge a rejection of the amendment, and i think that ultimately we're going to get to a better footing to make the u.s. the most competitive jurisdiction in the world if we go in a direction other than what the gentleman from texas is proposing. i yield back. >> the gentleman yields back. mr. levi

you in, the oecd is probably a decade ago told us we needed corporate reform in the u.s.because we're chasing the capital off shore and if we fix that we'll get a surge of capital spending in the u.s. and should drive gdp up short-term. i don't know what the fed resumptions are about whether the tax reform costs if you reduce the cost of capitol about 15% which is our estimate of what it does, then that 15% reduction to cast of capital should increase capital spending and gdp growth in the short run. >> are you saying that 3% growth is possible for the short run, but not so much for the longer run, that there's 1.8% number could be given the demographic-- >> depends how far out you go. there are things that can be stimulative for growth. close to full employment, becoming an attractive place for capital to locate again, means there could be more factories going up in the u.s., driving up workers and labor force,participation. that's been headed the wrong direction, but if it turns around. the refire department. baby boomers is a really big deal and it used to be that labo

we're at 35 now which makes us the worst corporate tax rate in the oecd. if we go to 20 where we want to be, we would be in the upper best half. if we go to 22, we would be smack in the middle. so i think the corporate part is the growth part. i think expensing is an important part. yes, we're talking about ronald reagan. he said gosh, if i can get 70% of what i want i will worry about the 20, 30, later. that is how i feel about capital gains. >> someone mentioned that to me yesterday and i was thinking about it last night and i've been thinking about it this morning because i've been troubled about parts of this bill. i think they could have done, should have done more on the individual side. as i joke i'm a little bit greedy, i want it awe. as we get down to the final moments, i think heather it is a big deal what we're talking about on the corporate side. i hate the idea canada is nor competitive country than us because they have a lower tax rate. >> that is not good. trish: france, you name it. >> wait a minute, my wife is french. she agrees. let's tal

it's 24 for the oecd average, i think. >> right.% federal in this bill, you add the state taxes, you're roughly in that ballpark which is good enough because there are so many other reasons to invest in the united states. if we can finally now get competitive on the tax side, you can really see that growth kick up. we got a couple of good quarters now, maybe it keeps going. and that's what's really exciting. but keep in mind there are tons of individual tax cuts in here. i know a lot of folks in the media want to talk about the corporations and we love that that rate's getting competitive, but the 10% rate at the bottom end is now zero. so huge tax cut for individuals, for families. paul: kate, take that on. >> we don't want a tax code that takes millions more people off the rolls and relies on a smaller pool of taxpayers to fund the government. and i would also note we've got things like state and local deduction which right now is still eliminated -- paul: which you think is good. >> which i think is good, but will it raise taxes

the oecd warns next year could be as good as it gets. from new york city, good morning.e david westin and alex deal. a very small pullback from all-time highs in yesterday's session. futures a little bit firmer today. in the treasury markets yields grinding higher by a single basis point and the euro just a little bit softer. broad-based dollar strength coming through. alix: european stocks continue to grind higher. part of that is energy stocks. despite the fact that brent is lower at $63 as some pessimism and do

the oecd has warned that as a prices have gotten a little bit too high and the global economy is saids year. there is no immediate flow of money into the bond markets in europe on the back of the north korean risk. we will keep an eye on those gilt markets later in the day. that's get your first word news. juliette saly is standing by. is passingitcoin $10,000 for the first time taking the surge more than tenfold. -- hedge fundier manager mike no regrets is starting a cryptocurrency fund. >> this is a bubble and there is a lot of fraud next in. ande is a lot of froth fraud in anything that is exciting as this. this is going to become the biggest bubble of our lifetimes by a long shot. >> the record show i did not say that. >> because it is so global. juliette: the u.k. and the eu have reached an outlying deal on the divorce bill that it will pay when it leaves the block. european national governments have not signed off. negotiators have reached a plea or -- a preliminary agreement on the settlement. eu leaders will have the say on whether the offer is high enough to unblock talks. th

we increased our corporate tax rate from 34% to 35%, we were kind of in the middle of the pack of oecd nations subsequently what happened was the countries around the world found when they cut the corporate tax, their economic activity increased and the welfare of their workers improved then they very often did it again, typical country since our -- for economists what that does is gives us enormous amount of data to analyze because there are countries that change the rate and countries that don't you can compare the experiences of those two types of countries. there's a big peer-reviewed literature that looks at that, a paper by german economists that's about to come out in the "american economic review. we go through the papers, have charts, if this is true, what wage effect do you get most the action is well north of $4,000, that's where the number comes from i'll go in the middle, the orange tie >> one of the criticisms, kevin, of the tax reform proposal is that the corporate tax rate is cut permanently, the individual tax rate phases out after ten years. why, in your view, is that

you know, the oecd it was probably a decade ago told us that we need to have a corporate reform in the u.s. because we're chasing all the capital offshore. and if we fix that, then we'll get a surge in capital spending in the u.s. which should drive gdp growth up in the short term. and i think that like right now i don't know what the fed's assumptions are about whether the tax reform passes, but i would guess if you reduce the user cost of capital by about 15%, which is our estimate of what it does, then that 15% reduction in the user cost of capital should increase capital spending and gdp growth in the short run. >> so are you saying that 3% growth is possible for the short run but not so much for the longer run? that there's 1.8% number i cited might actually be given demographic? >> it depends how far you go out. there are a lot of things that can be, you know, stimulative for growth, you know, more than just a year out like, you know, attempts to increase labor force participation, the idea that being close to full employment, becoming an attractive place for capital to locate sh

the oecd wages are up, unemployment is low, et cetera, so i think the sentiment improving is what you're seeing in the overall market, which is multiples continuing to go higher. we like the 3d sensing capability apple has, so we own a lot more of a company called momentum, which provides 3d lasers, so we're excited about the augmented reality features that apple has but we think there are other plays within the apple food chain that are more exciting than apple, which we like better to some extent, that's how we're playing apple, really, is through some of the laser suppliers like momentum and others >> that's good color, dan, always appreciate your time. good to talk to you again, thanks >> thank you >> dan niles, alpha capital one. >>> when we come back, even though apple customers are lining up to get their hands on the new x, some experts are sounding the alarm over security concerns >>> jobs rebound after the hurricane disruption, but wages are a bit of a disappointment. what that data means to the markets. >>> and later, an unlikely pair. why steve wozniak and rob gronkowski are t

we will be hearing from the head of the oecd. be hearing from the head of the 0ecd.hannel and bbc world news — as climate change talks begin in germany, we go live to fiji where the race to stop rising sea levels gets more frantic by the day. and next stop seoul — as president trump leaves tokyo to continue his asian tour, what advice did he have for the japanese when it comes to containing north korea? that's still to come. monday has allowed autumn to show a variety of faces across the british isles. it depended way you spend the day. in the north—west, cloudy, wet and windy. after a chilly start further south, a glorious sort of a day. sunshine for the greater part of the day. cloud eventually tempering the sunshine if not robbing you of it altogether. that cloud is going to be quite important. that will help to keep temperatures up. slow progress on this weather front. cloudy, temperatures up. slow progress on this weatherfront. cloudy, wet, and windy weather already over the north west of scotland. gradually it moves to other northern and western parts of the br

yes, the oecd study.ight. why are we the fat man of europe? one of the things they spoke about was the high levels of adolescent drinking in this country compared to others. i would say the link being that if you get kids out in the playground and wet weather but they won't be drinking! the other thing is about politics, or schools with no playing fields, not enough space to indulge in physical activity. absolutely. it brings together so many different stories about public health, education policy, whether the government should interfere with what people do in their lives and what people do in their lives and what they eat. are you nervous flyer? you might be after reading this. i'm not particularly, but it is an amazing photo. this is a flight is an amazing photo. this is a flight where the front wheel did not come then. they took off from belfast, had to circle around the airport for a couple of hours to expend a fuel, before landing on its nose. but apparently only one passenger was hacked. probably one

jonathan: they have been for a long time. >> i agree with the oecd.getting money very cheap. is that sustainable? we have low interest coverage ratios for high levels of debt and cash balances start to come down. how does this end? if interest rates go higher, they will be in trouble which will have an impact on things like equity markets. that is a key story of what is a way and seems inevitable. if you give people free money, they will make bad investment decisions and a matter of time before us is a. moving away from capital returns to capital spending, late cycle to start really investing big-time in -- are you anticipating bad decision-making in a big way? >> when money is cheaper, you make bad decisions. that is what an economic cycle is, good investments, bad investments, and you need to flesh out the bad investments, what we call a recession. that is what we will happen as a result of giving people cheap money to make investments that the return is not as great. if things deteriorate, the investments will not look so good. jonathan: the experi

you will also have seen oecd base erosion and profit shifting initiatives, there is now so much anti—avoidancelike those involving the actors and the loans, will be totally closed down. good to talk to you. thank you very much. you can see panorama's second report tonight on bbc one and on the bbc news channel later on tonight. let's just have a look at what's been going on in terms of the latest information on the grenfell tower fire. we arejust information on the grenfell tower fire. we are just being information on the grenfell tower fire. we arejust being given information on the grenfell tower fire. we are just being given the latest statistics on what has happened to the families who were caught up in that dreadful fire in the summer. we are now being told that 122 households have accepted an offer of either temporary or permanent accommodation. 73 of those have moved in. 47 into temporary accommodation the rest into permanent. 131 households are still living in emergency accommodation. that is what we're being told today. this is now months after fire happened. 131 of those households a

we placed the rate at 20% in our bill which is slightly below the average of oecd companies. our bill also lowers the burden on small businesses in a unique approach. for a pass through business which is income tax is based on -- leaving regular compensation to be taxed at the individual rates. the mechanism involved uses an existing provisions of the tax code which businesses are accustomed to dealing with and have a large body of precedent behind them. the mechanism provides from policing against anyone thinking about mischaracterization -- our legislation also expands the availability of cash accounting. in order to allow more businesses to simply their accounting methods. it expands section 109, expensing for small businesses in order to help owners invest and expand their businesses so they can increase productivity and hire more workers. the bill also provides businesses with full and immediate expensing for new equipment. again, to enhance productivity, create jobs, and grow wages for american workers. finally the bill modern sizes our archaic international tax system.